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Kaspa (KAS/USDT) is trading at $0.1062, down 46% from its previous high of $0.20. However, although there is recent bearish pressure, analysts believe that KAS seems to be nearing the support level. It is most likely to begin recovering.
Kaspa’s Current Price Levels and Support Zones
Kaspa has seen a notable pullback. It is currently trading below the 20-day simple moving average (SMA) at $0.1202, which currently acts as resistance.
At its present price of $0.1062, it remains close to the lower Bollinger Band at $0.1011. It may attract a large number of buyers, creating a support zone. If KAS stays above this support, this could help create more buying interest among the investors looking for good value in the lower prices.
According to analyst The Crypto_B on X, Kaspa is set for a comeback after the recent price dip. The same has sparked renewed interest. According to the analyst, Kaspa’s pullback has presented an accumulation opportunity for those who believe in its long-term potential
🚀 Kaspa (KAS) is set to rebound after a 46% dip, currently priced at $0.11! 📉
— Crypto B 👑 (Never DM first) 🇧🇷 (@TheCrypto_B) November 4, 2024
🔹 Once reaching $0.20, the coin's price correction has sparked bullish excitement among investors.
🔹 With a staggering 65,000% increase, its appeal among proof-of-work enthusiasts is undeniable!… pic.twitter.com/X9LwPNEzmN
Volatility and Momentum Indicators Signal Possible Reversal
The Bollinger Bands show that Kaspa is positioned close to the lower band, meaning that bearish pressure is increasing. Being close to this lower band means the price is often oversold and could bounce if demand increases.
The upper Bollinger Band, located at $0.1393, marks a distant resistance level. It could be a target if Kaspa mounts a sustained recovery.
Currently, the Relative Strength Index (RSI) is 33.60, near oversold levels. Investors often take oversold levels as an opportunity to buy undervalued shares.
An RSI break beneath 30, that would suggest stronger bearish momentum and vice versa. If the RSI moves higher than 40, that would suggest a change in favorable pattern towards the bullish trend.
Furthermore, if the RSI momentum shifts upward, analyst predict a bullish position. Kaspa could soon rebound which might be considered a positive sign. X users are speculating that Kaspa could enter the top 10 cryptocurrencies.
Community Optimism and Price Targets for Kaspa
Despite having established itself within its community, Kaspa has attracted investors who have been discussing its price targets on social media.
One post highlighted that KAS could reach $0.35 by the end of 2024 if current trends continue, marking substantial potential gains from current levels. This optimism is partly fueled by expectations of a Centralized Exchange (CEX) listing, which could boost Kaspa’s visibility and attract new investors.
Additionally, the launch of ‘Kasbot’ which is a project within the Kaspa ecosystem has been gaining momentum. The community believes that Kasbot and other prospective new listings will lend value to the Kaspa protocol in the long term. Given that, some consider Kaspa as a player with promising capabilities in the proof-of-work area.
Kaspa’s price faces immediate support around $0.1011, with resistance at $0.1202 as a key level to watch for potential recovery. While the price remains below recent highs, bullish sentiment within the community and positive momentum indicators could signal a near-term rebound.